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PHOENIX-Wal-Mart has leased 24,688 sf of warehouse and distribution space at 19th Avenue & Pinnacle Park CommercePlex in the Deer Valley submarket. The value of the short-term lease is being kept under wraps, but rental rates for the space range from $5.76 per sf to $7.20 per sf.

The discount giant plans to use the facility at 23610 N. 20th Dr. as a regional overflow warehouse for Supercenters in Arrowhead, Deer Valley and Peoria, says Jeff Conrad of Lee & Associates Arizona, who represented the building owner, Santa Monica, CA-based EJM Development. Wal-Mart was represented by Steve Lenz of Frontera Development Inc. in Phoenix.

Conrad tells GlobeSt.com that Wal-Mart has several other warehouses in the Valley, but did not have a lot of options to choose from when it was looking for overflow space. The 186,000-sf, two-building project that Wal-Mart chose is now 90% leased to tenants that include Stanley Steamer and Taylor, MI-based Masco Corp. EJM is developing another 116,628-sf complex adjacent to the existing space.

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